Agreement Suspends Tariff Increase On U.S. Boats and Engines

The United States and European Union announced an agreement to suspend the looming tariff increase on U.S. boats and engines making their way to the E.U., just days before the scheduled June 1 deadline.

The negotiating parties have stated leadership from both sides of the Atlantic are committed to reaching an agreement that will permanently reverse the still applicable 25 percent retaliatory tariff on U.S. boats entering Europe.

This move comes after a robust government affairs campaign from the National Marine Manufacturers Association (NMMA), including meetings with cabinet officials, members of Congress and staff, as well as letters sent to European Commission Vice President Dombrovskis and Director Schlegelmilch on behalf of NMMA, and the association’s international counterparts, European Boating Industry (EBI), the International Council of Marine Industry Associations (ICOMIA), urging for the swift reversal of the retaliatory tariffs that have caused a 40 percent decrease in American boat exports to the trade bloc.

In the weeks and months ahead, the NMMA team will continue engaging with negotiators on both sides of the Atlantic and its European counterparts to ensure the industry’s concerns are addressed in a final agreement.